Anyone regret saving too much and not spending when younger?

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techcrium
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Anyone regret saving too much and not spending when younger?

Post by techcrium » Fri Aug 30, 2013 1:57 pm

Anyone here regret not spending a little and indulging and bit in their younger days now that you are sitting in a huge pile of cash?


I sort of regret commuting to university instead of staying on campus for the first year now that I am working full time with no debt and a decent chunk of savings. It would have been a timeless experience of college life that I didn't get to fully enjoy.


My parents also expressed regret not sending my brother and I into an organized sport. We were immigrants to America and back then we didn't have alot of money so my parents saved aggressively. Now that they have alot more money, they realized that some things more valuable than money...time, health, sports, social skills, etc.
Last edited by techcrium on Fri Aug 30, 2013 2:10 pm, edited 1 time in total.

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Re: Anyone regret saving too much and not spending when youn

Post by The Wizard » Fri Aug 30, 2013 2:03 pm

No.
Things were fine back in my 20's and 30's; they didn't need more cash to make them better.
Back then, I just had a certain percentage that went into retirement investments each month and I was OK with spending much of the remainder on family activities and whatnot.
IOW, I wasn't a compulsive saver.
And it worked out fine...
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Re: Anyone regret saving too much and not spending when youn

Post by WendyW » Fri Aug 30, 2013 2:09 pm

'
I agree with the OP.

There's a time for saving a buck and building your savings, but the sub-25-year-old crowd should probably spend every dollar they can get their hands on.

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Re: Anyone regret saving too much and not spending when youn

Post by buenamike » Fri Aug 30, 2013 2:11 pm

Absolutely not, Independence trumps any degraded material possession.
mike

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momar
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Re: Anyone regret saving too much and not spending when youn

Post by momar » Fri Aug 30, 2013 2:18 pm

No. It allowed me to buy a house at the bottom of the market a year and a half out of graduate school, and then to refinance a few times until I hit what looks like the low back at the beginning of the year. If I had had to wait a couple more years I might have missed that opportunity and would have been locked in to paying significantly more for the next 30 years.
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Re: Anyone regret saving too much and not spending when youn

Post by KyleAAA » Fri Aug 30, 2013 2:19 pm

Yeah I wish I'd traveled a lot more right out of school.

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Re: Anyone regret saving too much and not spending when youn

Post by cflannagan » Fri Aug 30, 2013 2:23 pm

Opposite. I regret spending too much and not saving when younger.

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Re: Anyone regret saving too much and not spending when youn

Post by abuss368 » Fri Aug 30, 2013 2:24 pm

We don't have any regrets. We have always tried to save and invest as much as we could and aim to increase it each year.

If anything, when I look back, I think about some of the waste I could have cut!
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Re: Anyone regret saving too much and not spending when youn

Post by pennstater2005 » Fri Aug 30, 2013 2:25 pm

Quite the opposite. I had a boat, motorcycle, two trucks and spent money freely. Were they fun experiences? Yes. Would I trade some of those experiences for a bigger savings presently? Yes. I just don't know which ones I would trade. :happy
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prudent
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Re: Anyone regret saving too much and not spending when youn

Post by prudent » Fri Aug 30, 2013 2:30 pm

Since I didn't have money to spend when I was younger, I guess I'd have to say no.

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Re: Anyone regret saving too much and not spending when youn

Post by Andyrunner » Fri Aug 30, 2013 2:32 pm

nope, I think I saved fine but I do regret spending too much on stupid crap should have spent the money on different things and different experiences.

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pennstater2005
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Re: Anyone regret saving too much and not spending when youn

Post by pennstater2005 » Fri Aug 30, 2013 2:47 pm

prudent wrote:Since I didn't have money to spend when I was younger, I guess I'd have to say no.
I didn't have any either and still ended up with a bunch of toys I couldn't afford :happy
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Re: Anyone regret saving too much and not spending when youn

Post by Quickfoot » Fri Aug 30, 2013 2:55 pm

Among people that retire with money it is common for them to not regret spending more earlier in retirement. That's one reason why SPIAs make sense, they enable a higher initial draw down during the early part of retirement where you are still able to be active.

Earlier in life saving too much is counter productive because it is likely to increase stress and decrease happiness which will shorten life span. No point in waiting until 60 or 65 to live, especially since it's pointless if you get killed or drop dead before then :). An 8 year old boy of a friend we know just threw a blood clot and nearly died. I've known several 30 year old guys that have just dropped dead of aneurisms (one while walking through his front door).

Moderation in all things, saving too aggressively is just as bad as not saving enough.

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Re: Anyone regret saving too much and not spending when youn

Post by Professor Emeritus » Fri Aug 30, 2013 2:57 pm

Interestingly I never had much choice. I was scholarship kid who worked his way though UG and Law school and graduated deep in debt, without a job and my car was a 12 year old Ford Falcon.
My princess married me anyway, but she was still in Med school.

If you want to think of it was saving , we were investing in Human capital.
We learned a few lessons
1) things are not important , people are important
2) buy tools , not toys
3) Save until nobody owns you

on the other hand, we traveled as soon and as often and as far as we could go.
We took the kids after we had them. Some things you have to do when you can do them

You pays your money you takes your choice

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BestWishes
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Re: Anyone regret saving too much and not spending when youn

Post by BestWishes » Fri Aug 30, 2013 2:58 pm

Life is always a balance. It is important to save but as important to enjoy life along the way. No regrets. We saved but we also spent on what we wanted.

One close relative passed away at age 36 and another one at 50. So there might not be a later to enjoy.

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Re: Anyone regret saving too much and not spending when youn

Post by Quickfoot » Fri Aug 30, 2013 3:03 pm

My dad dropped dead at 35 (I was 8) and my mom was killed at 38 (I was 16). I'm 32, have a 6 year old and can't imagine not being around in 3 years but I also have significant life insurance, my estate planned, and a "death book" for my wife and annoy my daughter with how much I tell her I love her, if there's one thing I want her to remember about me that's it.

At same time we are putting about 20-30% of our income away for retirement, we are fortunate enough to be able to do that without impacting our lifestyle. If you find yourself being unhappy because of your savings rate it's time to decrease it and enjoy today a little more.

Tomorrow is not promised to any of us.

Texas hold em71
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Re: Anyone regret saving too much and not spending when youn

Post by Texas hold em71 » Fri Aug 30, 2013 3:04 pm

I don't regret the saving. I regret what I spent money on. Would have waited on my first house and travelled more.

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Re: Anyone regret saving too much and not spending when youn

Post by tweeter » Fri Aug 30, 2013 3:13 pm

Exactly the opposite for me. I spent, spent, spent on travel when I got out of college. I had some of the best experiences of my life traveling Latin America and have friendships that have survived long distances and the test of time. It helped make me who I am today. I appreciate every single day I am vertical here in the good ol' USA. We are so damn lucky! These experiences put me in significant CC debt for awhile, but what I gained was priceless.

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Re: Anyone regret saving too much and not spending when youn

Post by fareastwarriors » Fri Aug 30, 2013 3:23 pm

Not so much regret but more thinking it would be nice...

I worked 30-40 hours in college, paid everything myself with no parental support, and graduated with like 10k debt. That was debt was paid off in like a couple of months after I started working...

But at times I feel like I neglected many friendships back then. They were so patient with me even though I was always late to things due to tight scheduling or always too tired to hang out. But as the years wore on, the friendships faded and they moved on. They might say hi and be friendly when I see them but I know we were not tight anymore.

I'm 2 years out of college now. 150k in investments, debt-free except a mortgage on a cash flow positive triplex....

yay me. :moneybag

Don't get me wrong though the money and savings are great. :sharebeer

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ol_pops
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Re: Anyone regret saving too much and not spending when youn

Post by ol_pops » Fri Aug 30, 2013 3:24 pm

Nope.
Current age = 68.

You will need more than you think !

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Re: Anyone regret saving too much and not spending when youn

Post by gerntz » Fri Aug 30, 2013 3:31 pm

buenamike wrote:Absolutely not, Independence trumps any degraded material possession.
mike
This.

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Re: Anyone regret saving too much and not spending when youn

Post by leonard » Fri Aug 30, 2013 3:47 pm

Quickfoot wrote:....saving too aggressively is just as bad as not saving enough.
I am pretty sure people barely getting by in retirement would disagree with this.
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Re: Anyone regret saving too much and not spending when youn

Post by Ice-9 » Fri Aug 30, 2013 3:51 pm

Maybe I have a little regret that I didn't do a hostel tour of Europe or something similar in my early 20s. Nothing extravagant. I "hostelled" through Canada and the US and think Europe would have been a great additional set of memories.

However, my retirement savings history goes something like this:
* Ages 25 - 32: saved a bit, but didn't know how to invest, had too much in just an ordinary savings account
* Age 32: discovered Boglehead authors and the then-popular Morningstar Diehards forum, created my investment plan accordingly
* Ages 32 - 39: Saved as much as I could according to my asset allocation plan, maxed out all available tax-advantaged accounts most years

Now I'm 40. I have several months of emergency fund. While my net worth pales in comparison with others who've responded to polls on this forum, I have enough in retirement accounts that Firecalc shows the worst 60-year investment period since 1871 wouldn't have had me running out of assets before age 100 if I could even just contribute up to my employer's match amount until I turn 65.

While nothing is guaranteed, and certainly life could throw something horrible at me tomorrow, the feeling that my plan is likely on the right track is wonderful. I can't think of anything I could have spent a significant amount of money on during the years listed above that I would give up that feeling for.
Last edited by Ice-9 on Fri Aug 30, 2013 3:52 pm, edited 1 time in total.

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Re: Anyone regret saving too much and not spending when youn

Post by Grt2bOutdoors » Fri Aug 30, 2013 3:52 pm

Not one bit - enjoying life does not require one to spend money. I've never regretted the quality time spent with family and friends, hiking out in the woods, hunting in the dead of winter, fishing and fly-fishing, volunteering, and oh yes, I did take a few trips out west to see the Grand Canyon, California wine country, Vegas and other places. I like to plan and so far, that planning is allowing my family to reap the benefits of my choices years later. I know of no one who ever regretted going into their latter years with options, I do however, know of folks who regretted not saving more, that outcome is not pretty by any means. Memories of drinking and going to the theater, riding in taxicabs when a train could have done do not put food on the table, it does not provide heat and warmth in the winter time, it does not pay for dental crowns or root canals and a whole host of other things.
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Re: Anyone regret saving too much and not spending when youn

Post by Quickfoot » Fri Aug 30, 2013 3:53 pm

I am pretty sure people barely getting by in retirement would disagree with this.
People that are barely getting by obviously didn't save too much and that makes it an invalid argument. Further without looking overly hard you can still find people that disagree that the Earth is roughly round, that dinosaurs existed or that bathing more than once a month isn't bad for you (I've met people with all these beliefs) so some people in a certain situation potentially disagreeing isn't an overly compelling case.

People barely scraping by either didn't save sufficiently, retired too early, or haven't optimally deployed their assets. Proper use of SS, SPIA, and savings should result in very few having to scrape by.

More and more studies are showing you actually need less than you think because spending rates decrease as you age, until they increase for end of life care. Several studies have also shown that a common regret among older retirees (those nearing end of life) is not spending more money earlier in life.

That may not be you and that's fine but that doesn't mean it isn't reality for a good portion of other people. Responsibly saving an amount you can afford is a good thing, that said making yourself miserable saving for a retirement that you may not even get to enjoy out of fear of *maybe* running out of money *someday* is beyond insane.

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Re: Anyone regret saving too much and not spending when youn

Post by Grt2bOutdoors » Fri Aug 30, 2013 3:58 pm

Quickfoot wrote:
I am pretty sure people barely getting by in retirement would disagree with this.
People that are barely getting by obviously didn't save too much and that makes it an invalid argument. Further without looking overly hard you can still find people that disagree that the Earth is roughly round, that dinosaurs existed or that bathing more than once a month isn't bad for you (I've met people with all these beliefs) so some people in a certain situation potentially disagreeing isn't an overly compelling case.

People barely scraping by either didn't save sufficiently, retired too early, or haven't optimally deployed their assets. Proper use of SS, SPIA, and savings should result in very few having to scrape by.

More and more studies are showing you actually need less than you think because spending rates decrease as you age, until they increase for end of life care. Several studies have also shown that a common regret among older retirees (those nearing end of life) is not spending more money earlier in life.

That may not be you and that's fine but that doesn't mean it isn't reality for a good portion of other people. Saving is a good thing, making yourself miserable saving for a retirement that you may not even reach out of fear of *maybe* running out of money is beyond insane.
Some people get enjoyment out of saving - that may sound crazy, but then again you just need to read some of the posts on this forum to see the truth in that. Does that make them miserable? Why no, they actually are quite happy and content doing so. I don't think their reasoning for saving has anything to do with fear as much as they like to see the numbers accumulate, more then they probably imagined in their wildest of dreams.
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Re: Anyone regret saving too much and not spending when youn

Post by leonard » Fri Aug 30, 2013 3:59 pm

Quickfoot wrote:
I am pretty sure people barely getting by in retirement would disagree with this.
People that are barely getting by obviously didn't save too much and that makes it an invalid argument. Further without looking overly hard you can still find people that disagree that the Earth is roughly round, that dinosaurs existed or that bathing more than once a month isn't bad for you (I've met people with all these beliefs) so some people in a certain situation potentially disagreeing isn't an overly compelling case.

People barely scraping by either didn't save sufficiently, retired too early, or haven't optimally deployed their assets. Proper use of SS, SPIA, and savings should result in very few having to scrape by.

More and more studies are showing you actually need less than you think because spending rates decrease as you age, until they increase for end of life care. Several studies have also shown that a common regret among older retirees (those nearing end of life) is not spending more money earlier in life.

That may not be you and that's fine but that doesn't mean it isn't reality for a good portion of other people. Responsibly saving an amount you can afford is a good thing, that said making yourself miserable saving for a retirement that you may not even get to enjoy out of fear of *maybe* running out of money *someday* is beyond insane.
Funny how straw manning the argument allows for an easy counter.

Obviously, one effective thing people barely getting by retirement could have done was save more earlier. Compound interest, right? Not to mention building good savings habits while they are young, that would last in to middle and old age. "I'll stop spending all my money and save more next year." I bet that could be the title on many low balance 401k and IRA's.

If you think people barely getting by is rare, all I can say is - you're mistaken.
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Re: Anyone regret saving too much and not spending when youn

Post by Quickfoot » Fri Aug 30, 2013 4:06 pm

You've changed the argument again. I didn't say it is rare, I said it should be rare, two completely different arguments. I know a lot of people who are / will struggle in retirement if they are able to retire at all, but in every case it is self inflicted pain by not saving at all. The reason people are struggling is they didn't plan for retirement and just assumed they would be able to retire, now they are discovering they can't.

I've not said don't save, I've said be wary of making yourself miserable or unnecessarily depriving yourself. Proper saving for retirement takes into account today and allows discretionary spending. If you are saving to the point where you can't buy a car, can't buy a house, can't go out to dinner or a movie, or take your wife on a date or where you are stressed and unhappy because of your savings rate then then you are unnecessarily affecting your quality of life now for a period of your life you might not even live to.

I absolutely maintain that saving too much is just as bad, perhaps even worse as not saving at all. If you start saving at 21, and do so for 40-45 years at an uncomfortable savings rate, retire at 65, and die at 70-75, having 4 or 5 million in your bank account will not compensate you for the 40 years of stress and lost opportunity to enjoy life.

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Re: Anyone regret saving too much and not spending when youn

Post by leonard » Fri Aug 30, 2013 4:27 pm

Quickfoot wrote:You've changed the argument again. I didn't say it is rare, I said it should be rare, two completely different arguments. I know a lot of people who are / will struggle in retirement if they are able to retire at all, but in every case it is self inflicted pain by not saving at all. The reason people are struggling is they didn't plan for retirement and just assumed they would be able to retire, now they are discovering they can't.

I've not said don't save, I've said be wary of making yourself miserable or unnecessarily depriving yourself. Proper saving for retirement takes into account today and allows discretionary spending. If you are saving to the point where you can't buy a car, can't buy a house, can't go out to dinner or a movie, or take your wife on a date or where you are stressed and unhappy because of your savings rate then then you are unnecessarily affecting your quality of life now for a period of your life you might not even live to.

I absolutely maintain that saving too much is just as bad, perhaps even worse as not saving at all. If you start saving at 21, and do so for 40-45 years at an uncomfortable savings rate, retire at 65, and die at 70-75, having 4 or 5 million in your bank account will not compensate you for the 40 years of stress and lost opportunity to enjoy life.
Poor with no options at 70 is a bad scenario. Much worse to regret that situation than save "too much". All assume your risk of "over saving" every time.

You are also assuming that "excess saving" takes some physical or mental toll that shortens life. An erroneous assumption. You are also saying that spending money = enjoying life - also an erroneous assumption. One could derive great enjoyment out of savings and being financially independent earlier.
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Re: Anyone regret saving too much and not spending when youn

Post by pjstack » Fri Aug 30, 2013 4:32 pm

cflannagan wrote:Opposite. I regret spending too much and not saving when younger.
Amen to that!! Also, some of those "timeless experiences" in college could have ended up having you flunk out! (It was a close call for me!)
pjstack

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Re: Anyone regret saving too much and not spending when youn

Post by Professor Emeritus » Fri Aug 30, 2013 4:36 pm

leonard wrote:
Quickfoot wrote: You are also assuming that "excess saving" takes some physical or mental toll that shortens life. An erroneous assumption. You are also saying that spending money = enjoying life - also an erroneous assumption. One could derive great enjoyment out of savings and being financially independent earlier.
Like so many things, there is a "flex point" on the curve. My wife and I spent what we call Boston Summer. WE had been Married a year she was in Boston for Summer of med school. I flew up every weekend and we "cheap moteled" it all over New England. (Alternative was a med school dorm) Relative to my income it was very expensive. RElative to our life it was one of the best investments in both career and marriage we ever made

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Re: Anyone regret saving too much and not spending when youn

Post by lindisfarne » Fri Aug 30, 2013 4:47 pm

You might be overly romantic about the value of living on campus in a cramped dorm room with a roommate you may or may not have gotten along with, and noisy neighbors down the hall and repetitive (possibly crummy) cafeteria food.

There's no reason you can't get involved in sports as an adult - there are plenty of opportunities.

It's all a matter of deciding whether your life so far has been a glass half full or a glass half empty. Presumably your parents emigrated to give themselves & you more opportunities. If that expectation was realized, take the perspective life is a glass half full & stop thinking about what could have been. Back when those decisions were made, there were likely a lot of unknowns. It could have been the case if had your parents encountered more financial difficulties, their decision to be very frugal would have been the difference between keeping & losing a business or house. You don't need to participate in organized sports as a kid to be able to engage in sports as a kid!

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Re: Anyone regret saving too much and not spending when youn

Post by Watty » Fri Aug 30, 2013 5:05 pm

Part of figuring out the balance between spending now verses later is that on the "save early" side of the equation is the chance that you will have financial or health setbacks in your mid to late career and not be able to save as much as you had hoped to so you should save a significant amount earely.

If you start getting near retirement and didn't have any major setbacks along the way then it might look like you could have spent more when you were younger but having a fair amount of money could be because you were fortunate instead of having saved too much.

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Re: Anyone regret saving too much and not spending when youn

Post by DouglasDoug » Fri Aug 30, 2013 5:30 pm

Youth was wonderful. It was expensive though. Living in one of the greatest cities in the world didn't help. Knew a great many people that didn't make it. Rather dull now. More money, but older flesh. Regret I think not.

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Re: Anyone regret saving too much and not spending when youn

Post by market timer » Fri Aug 30, 2013 7:18 pm

As a youth, my preferences were shaped by my poverty. I came to value things like education that can be acquired cheaply, but at the cost of much effort. Based on these preferences, I judge my time and money to have been well spent.

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Go Blue 99
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Re: Anyone regret saving too much and not spending when youn

Post by Go Blue 99 » Fri Aug 30, 2013 8:13 pm

My main regret is not doing any international travel in my 20s.

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Re: Anyone regret saving too much and not spending when youn

Post by john94549 » Fri Aug 30, 2013 10:21 pm

My Mom is 98 and was just hospitalized for problems related to degenerative heart failure. She is facing even higher in-home health care (private pay) or skilled nursing (private pay after Medicare runs out, a max of 100 days). Her nest egg (including her home, if sold) might generate eight years (max) of skilled nursing before she runs out of funds. She then would be eligible for Medicaid, I suppose. Should she have spent (and gifted) that "egg" long ago? Interesting question. Does it really help to have a huge nest egg after a certain age?

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Re: Anyone regret saving too much and not spending when youn

Post by goldendad » Fri Aug 30, 2013 10:28 pm

My wife and I are both savers. We have never regretted it - we have slept a lot better also.

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Re: Anyone regret saving too much and not spending when youn

Post by Watty » Fri Aug 30, 2013 10:48 pm

john94549 wrote:My Mom is 98 and was just hospitalized for problems related to degenerative heart failure. She is facing even higher in-home health care (private pay) or skilled nursing (private pay after Medicare runs out, a max of 100 days). Her nest egg (including her home, if sold) might generate eight years (max) of skilled nursing before she runs out of funds. She then would be eligible for Medicaid, I suppose. Should she have spent (and gifted) that "egg" long ago? Interesting question. Does it really help to have a huge nest egg after a certain age?

I would not want to count on the quality and location of the nursing home that she might be in with Medicaid being as good as one that she could choose and pay for.

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Re: Anyone regret saving too much and not spending when youn

Post by nedsaid » Fri Aug 30, 2013 10:54 pm

When I was in my 20's, I read an article about Donald Regan, the former Merrill Lynch CEO that became Treasury Secretary. In it he talked about having "Go to Hades" money. Not exactly what he said, but you get the idea. That resonated with me. So that article motivated me to save and invest as wisely as I could.

Now that I am 54, it is a really good feeling having reserves. I am not telling anyone to go to Hades anytime soon, but it is nice to know that I have something to fall back on. Fortunately, I have mostly worked for good employers. But it is fun to think about having the ability to do the Johnny Paycheck thing. Not there yet, so I can't be too outspoken.
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Re: Anyone regret saving too much and not spending when youn

Post by bobcat2 » Fri Aug 30, 2013 10:54 pm

It would seem that those who would most regret saving too much would be those who died ahead of schedule. They will post very little on this thread. :| This is an extreme case of survivorship bias. :wink:

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Re: Anyone regret saving too much and not spending when youn

Post by nedsaid » Fri Aug 30, 2013 11:02 pm

This is why I am spending money traveling. I work a seasonal second job and use the proceeds to travel. Went to Europe in 2011, 2012, and 2013. Plan to go again next year. I realize that not everyone makes it to retirement.
A fool and his money are good for business.

john94549
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Re: Anyone regret saving too much and not spending when youn

Post by john94549 » Fri Aug 30, 2013 11:20 pm

Watty, ironically enough, it's apples to apples. I compared the skilled nursing services (private pay versus Medicaid), in the same facility. My Mom was in such a facility for four months back in 2010. Do the "private pay" folks get better care? Based on my totally unscientific comparison over four months, I would say "no". I never met one caregiver who knew whether the patient was "private pay" or otherwise. However, that said, I was there over four to five hours a day, made more than a few "unsupervised" interviews, and drew some conclusions.

Good News: Medicaid folks get superb care. Bad News: Non-Medicaid folks basically get gouged, higher charges with no better care.

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sans souliers
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Location: By the Quinnipiac

Re: Anyone regret saving too much and not spending when youn

Post by sans souliers » Sat Aug 31, 2013 12:41 am

No regrets. I saved with my goals in mind and spent with my needs in mind -- my wants won out once in a while, too.
Could I have saved more? Yup.
Could I have spent more? Nicer cars, more house? Yup.
But I couldn't do both, so I did each one enough.
Sometimes pessimism leaves me pretty well prepared for when things don't go my way, and pleasantly surprised when they do.

Buckeye
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Re: Anyone regret saving too much and not spending when youn

Post by Buckeye » Sat Aug 31, 2013 5:53 am

I spent everything I made (and then some) throughout my 20's. As much as I experienced...it still bothers me that I didn't do and see more.

When your old and stuck on that rocking chair, the only thing you might still have are the memories.

Save too much in lieu of the adventures and experiences that life has to offer and you will probably regret it. I'm certain I would. Not so for materialism.

hsv_climber
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Re: Anyone regret saving too much and not spending when youn

Post by hsv_climber » Sat Aug 31, 2013 7:09 am

IMHO, OP's post is a classic example of hedonic adaptation. If he/she would've stayed on campus then he/she would've regretted not spending money on something else, like buying more beer for friends or taking girlfriend/boyfriend to some nice restauraunt or something like this.

investingdad
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Re: Anyone regret saving too much and not spending when youn

Post by investingdad » Sat Aug 31, 2013 7:26 am

I would have liked an extra two years at University Park rather than doing the first two at a branch campus, but that was the price for having my parents pay for college.

I could have gone into debt for four full years rather than just two in State College and would have loved those experiences. But the truth is if I had done that I never would have made it through the engineering program.

It worked out for the best.

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Sheepdog
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Joined: Tue Feb 27, 2007 3:05 pm
Location: Indiana, retired 1998 at age 65

Re: Anyone regret saving too much and not spending when youn

Post by Sheepdog » Sat Aug 31, 2013 8:10 am

I can't change the past, but at least I learned from the past. "If all is in the future we can't see yet
for whatever we did, why regret."

Why regret?
by Deependra Kumar Jha

I've been dwelling around life for years
giving fake smiles and hiding tears
while searching for the miracle rays
got sleepless nights and restless days

I've been spending way too long
trying to figure out what went wrong
If I could re-live my past again
I would plan things to avoid the pain

I've been asking time after time
why my heart is not always mine
why at times, my head hangs low
why do I cry, I fail to know

I've been wondering if I know what to say
as years go by and time fades away
If all is in the future we can't see yet
for whatever we did, why regret.
It's not what you gather, but what you scatter which tells what kind of life you have lived---Helen Walton

cjking
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Re: Anyone regret saving too much and not spending when youn

Post by cjking » Sat Aug 31, 2013 11:34 am

Anyone here regret not spending a little and indulging and bit in their younger days now that you are sitting in a huge pile of cash?
I suppose you have to take into account how predictable it was at the time that there would one day be a big pile of cash. I have a big pile, but of the three examples I intended to give, I realise none stand up, as they all involve expenditure before I knew where I would end up. For most of my working life, I have been a contract worker, and have never taken it for granted that there would be more work when my current one-year (or less) contract finished.

In early 2010, I thought I was retired, but then I was invited back to work, that lasted about three years, and my portfolio has more than doubled in that time. Recently I've been contemplating spending a lot on a nice car, and am disappointed to find I can't justify it to myself, given how little use at all I now have for a car. With hindsight I regret not having a nicer car during the decades when I spent more than ten hours a week in my car, commuting. But even back in 2010, when I thought I was done with earning, I didn't have so much that I was willing to spend a lot on a nice car. It's only the late-2013 me that has that much to spare.

(To explain how little need retired me has for a car, if I were to hire one of the Zip cars in my neighbourhood for 2 hours every weekend of the year to go shopping, which is two or three times as much as hiring as I likely would do, the total annual cost would be about the same as it costs me to pay the annual insurance and tax on an owned car. The owned "nice" car, if it lasted 15 years, would cost me 3 x the weekly Zip car cost in weekly depreciation alone.)

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Ged
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Location: Roke

Re: Anyone regret saving too much and not spending when youn

Post by Ged » Sat Aug 31, 2013 11:40 am

No.

You are looking at a period of your life that is fairly short compared to retirement which may last 30 or more years. Plus when you are elderly physical comforts mean way more than when you are young.

It is well worth being frugal as a young person.

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